Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1887-07-08
TRADE AND FINANCE.
SATISFACTORY BUSINESS BUT DIS.
IURBED SPECULATION.
Success of "a Wheat Corner in New York.
Real Estate Boom Abating in
the West-Failures for
the Week.

NEW YORK, July 2.--The wcok has been
one of satisfactory business for the season.
but of unusuol disturbance in speculation.
Liquidation has reached the stock market
a week ago Ov,n while this review was be
ing writtcH. sharp attacks began, which
caus Il a fail nf tprty cents in the nominal
price of Manhattan and rapid declines in
other 81, "Is transfers of 10000 shares of
Manhattan 10 VI Gould and 10000 to GER
tain bausri' fc owed, and the recovery was
especial rapil. lu' Hesitation in prices this
werH, hCtv'i'l t;nuIug very favorable re-
ports oil earnings, .ii,ii at,s that the process
of liquidation may not in all directions have
been completed. AT their lowest stocks were
down TO the level of january last. as their
highest in May had accurately corrcspoLdtd
with their highest average before the break
in December
A corner in June wheat at New York has
succeeded as completely as the Chicago corner
failed, and the prices made have been so
palliably artificial that June delivery sold, on
the last day of the month, % cents above
die same grade for July. Nominay cash
wheat fell q cents on Friday, though the
actual price for utlcr uses than tn, settle
ment of slecuiat v, contracts. was not above
- v,
The Chicago mark,t has been gu ct with east
ward shipments OF 100000 bushels. crowd
ing lake lines TO their lul capacity. TIE June
exports have been larg', but the stock car.
ricd over to the new crop year will not fall
much below 50.OuD,OOO bushels in excess of the
m,nmWn, ana the crop reports are &c --Iy
favorable, though prolonged drought, in
some parts of the northwest, cause, apprehen-
sion, and may lessen Yield
From Omaha and some other points come
reports that real estate excitement has abated,
though prices are maintained and large sums
are being expended in building. 1t was esti-
mated some weeks ago, from returns at New
YORK, where the proportion of new buildings
in five months has been Al per cent to the
assessed valuation of real estate, that the sum
thus invested throughout the country must
be very large. Official returns for five
months from thirty-fiye cities, of all sizes,
and in various parts of the country, now
show that the value of new buildings in that
time was II per cent of the assessed valua-
ton of all real estate there in 1850 and the
transfers of property Is per cent ut all points,
against II per cent at Sew York These
figures would point to al expenditure in
huilding of $1,000 900, coo if the same activity
should last through the year. and to trans
fers of $43O0,00o,0o0 1t need not be added
that reaction and diminished activity in this
direction are to be expected
Available has been turned into fixed capi-
tai largely in railroad building. though re-
turn, diSu point those who expected Il larrcr
mileage mplctcd this year than in 1852.
$50 tar thc JOE, cage is 800 above that of last
year to da,e. but about 300 miles below the
completed work to date in 1850. ISL or 1883.
n,l , - la1 #
lane RETURNS exceed last years but little
3u5 the new securities listed at the stock ex-
chance tbs year, already IL, 900, 900 stock
and l5", cO0o0o bonds, which in part accounts
tor the hesitation in prices
General reports are almost without excep-
ton satisfactory trade being good for the
time ii year, collections fair or better and
money in reasonable supply at all interior
points The disasters at Chicago and Gin
"nu1ti seem to have had little effect else
where y most encouraging feature is the
settlement aS To wages in The iron manufac-
sure ON 10 p cent. advance, and the clos
ing Of the builders strike ut Chicag' and
the shocmakcr> strike in Massachusetts, ana
the ore handlers strike at Cleveland The
coke strike i'll keeps some furnaces idle and
~ocKs OF iron west OF th, mount inns are
thought to have fallen from 1874, 0i> tons MAY
to 100000 tons. An advance in August is
hoped for. and old rails have risen the past
week. The coal output for the half year will
exceed 10y 100000 tons the largest previous
output, and an advance in prices Is again
predicted. IN most other branches Of trade
the condition is reported satisfactory for the
season.
Monetary anxietieS continue, however
The bank surplus has never been as low at
this time OF any previous year, and the treas
ury has taken in 81, 600 gold, while put
ting out s 100000 currency The heaviest
withdrawal of bank bonds ever reported on a
single day naturally attends the maturing of
the last call for per cents, and treasury
officials are disappointed because new de-
posits for circulation reach only 81 900, 600
The one open supply of money is the London
market, but recent events have caused some
sales of stocks on foreign account, and mer-
chandise exports from New York fall s per
cent below, while imports rise IL per cent
above those of last year for June. Disburse-
ments for interests and dividends this month,
however, are estimated Mt S69,000,0OO.
The business failures occurring throughout
the country during the last seven days, as
reported to r. G. Dun s. Co. by telegraph,
number for the United States l55, and for
Canada 26, or a total of Isl failures, as COM
pared with total of 1871 last week, and 2l3
the week previous to the last. The total for
the corresponding week of last year was 179,
made up of $50 failures in the United States
and 20 in Canada.
An Arizona Waterspout.